Purchase your next home with no monthly mortgage payments! The Federal Housing Administration will now allow seniors to use the revolutionary Reverse Mortgage program to purchase real estate. New enhancements to the government program allow seniors to purchase a home with no monthly payments. Why not move into your next home and have no mortgage payments for the rest of your life!
Eligible Property Types Include:
• Single Family Residence
• Condo
• Townhouse
• 2-4 Unit Multi Family
• Manufactured home
Who Qualifies?
• Minimum Age 62
• Must Occupy property as primary Residence
• No Income or Credit Score is needed to qualify
• Good credit is not required
• Can own up to 4 dwellings
Using a Reverse Mortgage to purchase a home allow seniors to purchase a new home as if they paid cash. After the home is purchased they never have to make a monthly mortgage payment on the outstanding balance. Income, good credit and credit score are not required for qualification and the same property types for the current program qualify for the new Reverse Purchase program.
Why not move close to family when the need arises, down size into something smaller or just get a home that is newer and better then what you currently own. The only monthly out go would be taxes, homeowners insurance and HOA dues if the home is located in a Home Owner Association.
The down payment requirements are based on age. The older the senior, the less of a down payment. Age should be based on the youngest senior if they are married.
Seniors can also make payments on the Reverse Mortgage to get a tax deduction after the program is in place. In other words, they can treat it like a regular mortgage and make regular monthly payments if they want, but if they would rather keep their money in their pocket they can. A Reverse Mortgage will never be foreclosed upon due to non-payment if the senior is living in the home.
